Australia's major cities see sharp house price declines
Australian home prices fell across the board in July, marking the steepest single‑month drop since December 2022. The national median dwelling price slipped 0.3%, while Sydney’s median fell 0.6% to AU$1.563 million and Melbourne’s median dropped 1.2%. Cotality’s Home Value Index recorded a 0.7% nationwide decline, with the top‑quarter of the market losing 3.2% of its value over the previous three months, contrasted with a 0.3% gain in the lower‑price tier.
Auction activity in Sydney remained weak, with success rates under 50% for nine consecutive weeks and withdrawal rates above the ten‑year average of 9.6%. Sellers are listing fewer properties, and homes stay on the market longer as buyers face higher mortgage rates and tighter budgets. Rental prices continue to rise, with median rents up more than AU$200 per week nationally over the past five years.
The federal government’s 5% first‑home buyer scheme has facilitated purchases of over 260,000 homes, prompting political debate. Frontbencher Tanya Plibersek hailed the price fall as a buying opportunity, while Senator Matt Canavan warned that falling prices discourage sellers and hurt first‑time buyers.
Entities: Cotality · Matt Canavan · Melbourne · Sydney · Tanya Plibersek
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] The top quarter of the market lost 3.2% of its value over three months to July, while the lower‑price tier gained 0.3%. (Cotality research)
- [○ 1 SOURCE] More than 260,000 homes have been purchased using the government’s 5% first‑home buyer scheme. (Federal frontbencher Tanya Plibersek)
- [○ 1 SOURCE] Sydney auction success rates stayed below 50% for nine weeks, and withdrawal rates exceeded the ten‑year average of 9.6%. (Cotality research)
- [○ 1 SOURCE] National median dwelling price fell 0.3% in July, with annual growth of 3.9%. (PropTrack Home Price Index)
- [○ 1 SOURCE] Median rents have risen by over AU$200 per week nationally over the past five years. (Cotality head of research Gerard Burg)
- [○ 1 SOURCE] Sydney median house price fell 0.6% in July to AU$1.563 million. (PropTrack Home Price Index)
- [○ 1 SOURCE] Nationwide home values dropped 0.7% in July, the largest single‑month decline since December 2022. (Cotality Home Value Index)
- [○ 1 SOURCE] Melbourne median house price fell 1.2% in July. (Cotality Home Value Index)